Apple's stock bounces back to hit a new high

SAN FRANCISCO--Apple's stock touched a new high Wednesday, reflecting investors' renewed faith in CEO Tim Cook's ability to outwit the competition and expand the technological hit factory built by the late Steve Jobs.

The milestone represents a dramatic turnaround in sentiment since Apple's shares reached its previous split-adjusted peak of US$100.72 in September 2012. After hitting US$101.09 Wednesday afternoon, shares closed up 4 cents at US$100.57. That gave Apple a market value of US$602 billion — by far more than any other publicly held company.

Apple's stock had fallen to a split-adjusted US$55.01 in April 2013 to wipe out about US$300 billion in shareholder wealth amid worries that the Cupertino, California, company had run out of ideas without Jobs as its mastermind. The anxiety escalated as sales of iPhones and iPads slowed amid the growing popularity of less expensive smartphones and tablet computers made by Samsung Electronics and other rivals relying on Google's free Android software.

Now, there are signs that Samsung's devices are losing momentum while Apple prepares to release the next version of its iPhone this fall and investors wait for Cook to deliver on his promise to introduce a product that will open up new opportunities. The breakthrough is widely expected to be a smartwatch that will include sensors to help people monitor their health.

Hewing to its secretive ways, Apple hasn't provided details about its upcoming products.